There are not a lot of real estate foreclosures here on the Main Line. According to the Philadelphia Inquirer, Philadelphia and the eight surrounding counties placed number 77 out of 100 metro areas nationwide in the number of people filing for foreclosures in 2008. However, I am starting to see more foreclosures on the Main Line and it is worrisome and it affects the whole community.
There is a home four houses down from mine on the Main Line that went through foreclosure. It once was a beautiful home surrounded by a picket fence with perennials planted next to the road. The yard had two large water fountains and had been professionally designed and landscaped. It resembled a large French cottage. It was an asset to our neighborhood. Then we started noticing that the privet hedge and perennial beds were starting to look overgrown. Next the picket fence was starting to fall apart and ivy starting climbing on the outside walls. Then we realized that the owners had left town. My neighbors started calling me. They were very concerned about someone breaking in and trying to live there. We talked about getting together to clean up the yard so the house wouldn’t look vacant. One day my child came home very upset because there were policemen at the vacant house. They were putting up a Notice to Sale on the front door. She felt horrible for the family that had lost their home and she was close to tears. In the end, there were about three large pink notices left on the front door for everyone to see. It is now a REO (Real Estate Owned) property and is listed for sale. There is a padlock on the front door along with a lock box . The house looks very scary and forlorn.
It takes about 10 months to foreclose on a home. A lot can happen to a home during that time. I understand that the hardwood floors are all buckled and that the basement is full of water. The yard and fence still look horrible. The REO company did cut back the privet hedge but that is about all. Who will buy the property? Will the house be fixed up or torn down? Will they turn it into townhouses? How will this house affect the values of the homes in the neighborhood? These are all questions that the community is asking. All we know is what was once a lovely home is now an eyesore and a reminder of what many families are going through in these difficult economic times.
Regards,
Sarahs
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